Boeing forming new business unit

CBS.MarketWatch.com

SEATTLE (CBS.MW) -- Boeing on Thursday announced that it will pursue e-business opportunities through a new division.

Boeing
BA, +0.71%
said its New Ventures unit will leverage the company's leadership position in the aerospace industry into new growth initiatives, of which e-commerce is a part.

"Our New Ventures activity will position us to capitalize on these 'new frontier' opportunities," Phil Condit, Boeing chairman and chief executive officer, in a statement. "It will take advantage of our expertise and serve as an incubator for new e-business initiatives in a networked economy."

The new division will be led by Anil Shrikhande, 47, who comes to Boeing from the Moore Corp.'s interactive business unit in Lake Forest, Ill.

Shares of Boeing lost 3/4 to close at 36 3/8.

In other news, US Steel Group
X, -3.51%
a unit of USX Corporation, announced Thursday that it would purchase a minority stake in E-Steel, an online portal for buyers and sellers of steel. US Steel, which closed at 22 1/2, down 9/16, plans to use the exchange to conduct some of its procurement transactions. The company said it believes the partnership with E-Steel will provide value to its customers. See statement.

Meanwhile, Microsoft
MSFT, +1.57%
announced Thursday that it has purchased an equity stake in Honeywell's
HON, +0.50%
MyPlant.com, an online site providing manufacturers with solutions for plant problems and ways to improve operational performance. MyPlant, launched in July 1999, will now use a Microsoft integrated platform designed for building and deploying applications for e-business. See statement.

Shares of Honeywell closed at 45 3/4, up 9/16. Microsoft added 7/16 to close at 94 11/16.

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